What we know the mining rewards for one particular block that was mined within the first month of bitcoins, launched within one month of Bitcoin being able to me to be mined. These 50 Bitcoin have not moved since 2009 for over eleven years, but that is no longer the case. Someone is moving these previously untouched bitcoins for the Bitcoin nerds out there myself included. This action is certainly easy to speculate on and the theories will continue to grow. They'Re already all over the place on Twitter so of course feel free to leave your theories down below, but here's. What I think now this next statement is gon na be kind of obvious. It either was Satoshi or it wasn't Satoshi, but I think what is more important here is: why are these coins being moved and why are they being moved now to this person feel the need to you know test out the security of their coins? Maybe move them into a more secure option. Are they wanting to cash out? It is certainly worth it to know that Satoshi was not the only one mining Bitcoin, even this early on in its existence and as such, there's no way to prove was or wasn't Satoshi. In fact, according to Nick Carter on Twitter, he says that Satoshi mind a particular set of blocks and this block was not included in those there's. Another really important aspect here to grasp, and that is the fact that for some reason, some people, a lot of people, seem to think that there's, like one wallet that Satoshi used to store all of his Bitcoin.
But if you've read any of satoshis communications. You'Ll know if you're at all familiar with his communications in the early days of Bitcoin you'll, know his feelings on using multiple public keys and also, of course, multiple wallets. This was in an effort to help you Optus skate your trail. If you were using Bitcoin pretty frequently and to think that he wouldn't also observe this practice, you know practicing what he preaches would be a little ignorant so that's. Why it's really hard to tell even if this was Satoshi or not. Additionally, Adam back is saying that if this was Satoshi, he would continue to live up to his anonymous reputation and be he would be moving coins that were mined more recently than this. That would be far less telling of it being Satoshi. So that would help him. You know fly even further under the radar. Also, an interesting fact here is that this is the first time that these kind of early mined bitcoins are being moved. In fact, there seems to be a bit of a schedule and I'll provide links down below, so you can check out that history for yourself again, those are provided by Nick Carter on Twitter. Additionally, for those of you who are worried that these coins will be released onto exchanges to flood the market and affect the price there's, no evidence of that happening yet additionally, I'd have to say that at this point, 50 Bitcoin there's some whales out there.
That are definitely affecting the price using far more Bitcoin in the mat moving on to the next story. What else could it be, but the soap opera that continues with a steam, blockchain and Justin Sun and the as witnesses of steam, so it's, true Justin son, has is initiating a hard fork that will freeze out very specific people from being able to access their legitimate Funds on the steam blockchain, so for those of you who might need a recap real, quick here steam, it is the steam blockchains, a flagship, social media platform. It is like a blogging site kind of like Reddit and it's been taken, it's been taken over. What I mean by that is maybe not directly the blockchain, but at least what was able to be sold the centralized entity being steam. It incorporated that incorporation was in possession of a very large amount of pre mined coins, the previous owner of steam. This previous CEO of steam and eek Ned Scott had made like a promise to the community that he would never use that stake to vote on. He wouldn't use that stake to impose his influence over the blockchain, which is, I guess great. But the thing is that promise wasn't put into writing when this contract was made to make the purchase for Justin Sun to take over steamin Inc and additionally, that huge pile of pre mined coins now to say that the steam, a community was less than thrilled about This takeover would be an understatement.
Let'S just say that the big whales that had previously been enjoying their position of power on the steam blockchain they weren't so happy about this shake up and power and control because let's be honest, they were certainly enjoying their own form of centralized control for years. Now. Now, here's something I want to make very clear right now, and that is the only reason this scenario even exists is because the foundation of the steam platform was organized in such a way to be had to have the consensus algorithm of delegated proof of stake. Now I have a very recently published video explaining how proof of stake works, how it is DIF from proof of work now, just to add again to your understanding of this whole scenario, I want to encourage you. If you don't know what proof of stake is to watch that video but steam and any delegated proof of stake platform it is that word delegated. That is the operative word, because that word delegated means that you can only achieve the ability to be able to secure the network and earned rewards for doing so. If you have been voted in. Maybe some can say that the pros here being are that the individuals who want to secure the network are then kind of required to campaign their strengths or their opinions or why they think that they deserve to be in a position of that kind of power. Or maybe influence over the blockchain and the cons here being that, of course, whenever money is on the line, you better believe that collusion is definitely involved or people will try to involve it in order to secure their position.
For that particular power. It is this detail that delegated detail that will prove all the more relevant when we take a look at how Justin's son has chosen to game the system. So when the purchase of steam at Inc went down and Justin found himself in this great new position, the pre existing Wales of the steam blockchain were too happy about it. In fact, they're they're causing a lot of friction so Justin wanted to go ahead and take out that friction. So what he did is he enlisted the help of his friends of centralized exchanges like I believe, Bologna acts by Nance? Definitely Maybe Hugh Obi. Also these he enlisted these centralized exchanges get this to use their user funds, people who had deposited their steam onto the exchanges without these users consent. These exchanges uses their funds because again they're, ultimately in the exchanges. Possession and these exchanges were then able to have enough stake in steam to vote the selves into positions of witnesses all in an effort to replace these dissenting voices. You know the people who did like Justin son and his gang now once public got wind of this. At least by Nance, you know they are very loud on Twitter. Cz is all over the place and he was very quick to try to backpedal his actions. You know try to get himself out of that prms, but really is not a good look for anyone involved in that and it's also something I don't think anyone should forget anytime soon.
So, of course, what happened next was that the big whales on steam and the previous witnesses went ahead and forked steam on to a new blockchain called hive it's, pretty much an identical blockchain, but not to be outdone by Justin Sun in his control. These his witnesses on hive decided to hard fork in such a way that would block the accounts of Justin son and his gang from receiving an equal amount of stake in hive as they had in steam, which is actually the completely normal and regular process of any Kind of contentious hard fork if you're holding a coin let's, say Bitcoin at the time of a hard fork. You are then able to claim an equal amount in the new coin that was created, and that brings us to today with Justin's son deciding too hard Forex team, not a contentious, hard fork, because you know Justin son has a lot of control over the decisions of That blockchain, so you can pretty much guarantee that any hard fork his team from here on out won't, be contentious, because I don't think Justin son is going to be disagreeing with himself anyway, because he has this large stake of coins. He can influence a lot of votes on the steam blockchain, and this newest hard fork will essentially remove the ability of very specific individuals, specifically negative individuals towards Justin son, publicly on the steam blockchain from gaining access or continuing to have access to their funds which, by The way we're, completely legitimately, earned by them or purchased by them, by either participating in in the blockchain the way that they should have been or from purchasing it on an exchange and depositing it on to the Steam its platform in order to gain voting rights.
This lockout and freeze period is also you know, he's able to do this, even though the hard work may not have happened yet these people can't all of a sudden, run and take their coins out because of the lock up period that is currently in place for People, if you want to have voting rights on the Steam blockchain, you have to lock up your coins. If you want to release these coins, they are released a little bit at a time over a three month period and I'm I'm. Guessing this hard fork, isn't going to be in three months time. Are you ready for my thoughts because here are my thoughts? This is an embarrassing display of two groups of people who are incredibly hungry for power and influence, neither of which have any room whatsoever within this cryptocurrency space, and you know there's a quote from this guy Lord Acton, you may have heard of it. It goes. Power tends to corrupt and absolute power corrupts absolutely. This is a complete tit for tat scenario and the fact that neither of these parties have enough self awareness at all to recognize any similarities that they have between each other is it would be laughable if it wasn't. So sad at this point I have very little interest in either of these blockchains. Yes, you know steam, it has Justin son and the funding that he gets from Tron and the Tron foundation and, of course, the shill army that accompanies that to keep steam it afloat, whether or not it gets really a lot of organic growth.
But at the same time, hi now has an identical competitor in steam. It they will have to do a lot to set themselves apart from their new, identical competitor and let's. Not forget that both of these platforms are social media platforms, and you know you don't exactly want to be exactly like something else and think that the general public is going to be picking up on the philosophical differences between the two of you. Let'S get real that's. Just for us early doctors to enjoy, but definitely to pay attention to it's in the least it's, a car wreck that we could be watching from afar. For those of you who aren't involved in either of these, for those of you who are let's just say, you've been warned that's gon na wrap it up for today's video. I hope that you guys enjoyed it, found it informative. If you enjoy videos like these, I appreciate it. If you leave a like hit subscribe with, the bell notification might have been switched off if you have already it's worth it to check anyway, I'll be coming to you guys again soon very soon.